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exchange rate as an adjustment instrument. This is an even more basic challenge for the EU because the enlargement challenge … common currency. This contribution deals with these two basic challenges for the EU over the next decade. It starts with a …
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The main rationale for fiscal policy rules is the concern for long-term sustainability of public finances, that in a monetary union may affect the other members. Among many other criticisms, the Stability and Growth Pact (SGP) has been seen as contradictory or incomplete because it focuses on...
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